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  Taking out an insurance policy to guard against unforeseen events that may hurt you is just a reasonable thing to do. And it’s extra-pertinent if you live in a country like Nigeria, where such events are more likely to crop up than in, say, the ‘first world.’ If you’re still weighing the pros and cons of insuring your property or business, here’s our advice: dive; don’t hesitate any further. There’s more that you can do with an insurance cover besides protecting against damage to (or loss of) buildings, vehicles, and store inventory. For example, you could get life insurance. In this article, we’ll share our picks for the best seven providers in Nigeria.
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What is Life Insurance?

When you take out life insurance, you’re signing up for a plan that’ll pay someone you designate (e.g. a dependent or loved one) some money in the event of your death. In other words, an insurer would pay a beneficiary named by the insured when the insured dies. Such payments may also be triggered in the case of a terminal illness.

The Best Providers in Nigeria

Here’s our selection of the top providers in Nigeria:
Custodian Life Assurance Limited
This company started in 1956 as the foreign office of a different entity, the Crusader Insurance Company. The merger of its parent company (Crusader Nigeria Plc.) with Custodian and Allied Insurance birthed Custodian Life Assurance, which has since been licensed to deliver life insurance products to Nigerians. Its offerings include more than a dozen plans, with education endowment, lifetime harvest, term assurance, whole life assurance, and retiree life annuity being some of the more popular ones.
Industrial and General Insurance (IGI)
Incorporated in 1991, IGI began operations the following year, providing life and general insurance. It has served clients in industries ranging from banking and energy to manufacturing and engineering. The company has also delivered life insurance in Nigeria to public sector establishments. IGI classifies its products into Individual Life Insurance (annuity plan, continuous education endowment plan, credit life plan, school fees plan, etc.) and Group Life Insurance (Group Life Assurance, Life Gratuity Scheme, and Staff Retirement Plan).
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AIICO Insurance
This is one of the oldest financial services companies in Nigeria. Set up in 1963, it started as a part of the global operations of the American International Group (AIG). After an acquisition of a 60% stake in the company by the Federal Government, it was listed on the Nigerian Stock Exchange, and the Federal Government and AIG divested from it. Today, AIICO serves numerous clients with life assurance and annuity. That’s in addition to general insurance, health insurance, and asset management.
AXA Mansard
AXA Mansard was incorporated in 1989. Today, it has several insurance products: Property and Casualty insurance for individuals, and commercial solutions devoted to SMEs and larger corporate entities. If you start a savings plan with AXA Mansard (for goals like buying a car or land), you’ll get free life insurance coverage of up to ₦1 million. There’s also the instant plan, which caters to scenarios such as death and disability; and the education plan, which lets you save towards your child’s future education. Other plans in this category are the ambition plan, bonus life, and term life.
Leadway Assurance
Leadway Assurance is one of the largest and most widely known life insurance companies in Nigeria. After its establishment in 1970, it began providing an array of products to a growing clientele. It currently helps a large number of people with personal and commercial property and casualty insurance, life insurance, and travel insurance. The life insurance plans available from Leadway are the Family Benefit, Lifestyle Protection Plan, Term Life, Mortgage Protection Plan, and Education Protection Plan.
Mutual Benefits Life Assurance
Having launched in 2007, Mutual Benefits Life Assurance has expanded beyond merely providing life insurance to running a microfinance bank and operating two offshore companies. Before this, it was just a unit of its parent corporation, Mutual Benefits Assurance. Some of its products are Children’s Education Plan, Mutual Individual Savings and Protection, Personal Pension and Investment Plan, Mutual Term Assurance, and Whole Life Plan.
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Coronation Life Assurance
Coronation Life Assurance underwrites short and long-term life assurance risks for individuals and corporate organizations. It is the life business segment of Coronation Insurance, a company founded in 1958. The organization, which is headquartered in Lagos, caters to the relevant needs of customers from all over Nigeria. Its key services are Term Life Assurance, Group Life Insurance, Credit Life Insurance, and Flexible Investments.

Final Words

As we have already noted, everyone who’s old enough to do so must get life insurance. It’s one of the best ways to prepare financially for such eventualities as critical illness or sudden death. Make sure to explore the options we’ve run through here, and settle for one that most perfectly addresses your unique needs. Featured Image Source: First National Bank
Got a suggestion? Contact us: editor@connectnigeria.com
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This article was first published on 21st November 2023

ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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